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Andrew Harrer | Bloomberg | Getty Images
Tin cans and juices from Bolthouse Farms are prepared for a photograph in Washington, D.C.
Campbell Soup announced Friday that it would sell its Bolthouse Farms business to a subsidiary of private equity firm Butterfly Equity for $ 510 million, during the first major sale of the US food company as part of its cost reduction plan.
With the completion of the transaction, scheduled for July 2019, Campbell will have sold the entire new division, he said. In February, he agreed to sell the Garden Fresh Gourmet salsa maker to a unit of Fountain of Health USA, a manufacturer of hummus, dips and prepared salads.
Butterfly said its operating partner, Jeff Dunn, would badume the role of chief executive officer of Bolthouse Farms, where he previously served as president and chief executive officer from 2008 to 2015.
In 2012, Campbell bought Bolthouse, known for its packaged fruit juices and carrots, for about $ 1.55 billion, with the goal of adding healthier products to its portfolio.
However, the company has struggled in recent years, with problems ranging from agricultural errors to recalling 3.8 million bottles of protein shake due to possible deterioration.
The fresh produce division, as well as Campbell's international operations, have been available for sale since August, after the company was pressured by investors to increase profitability and market performance.
The packaged food manufacturer said the proceeds from the transaction would help reduce the debt by about $ 570 million and that this transaction is not expected to affect the company's forecast for FY 2019.
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